The "Annie" remake already boasts three of Hollywood's elite on its production team, as Will Smith and his wife, Jada Pinkett, are producing the film through their Overbrook Entertainment along with Jay-Z's Marcy Media.

Initially, the Smiths' daughter Willow was attached to the role of Annie, but she aged out of the part. In February, studio Sony Pictures announced that nine-year-old Oscar nominee Wallis had been cast as the feisty lead.

Will Gluck ("Friends With Benefits," "Easy A") is directing the project, which is slated for a holiday 2014 release.